Williams confirms income increase of 25%

Williams confirms income increase of 25%

Williams Grand Prix Holdings PLC (WGPH) has announced its annual financial results for 2013, confirming that its income increased by 25%.0879CB7D6978

The group confirmed that its overall income rose from £105.8 million in 2012 to £132.4 million last year, with Earnings Before Interest and Tax (EBIT) rising from £5.1 million to £12 million.

This contrasts with 2012′s results, where WGPH registered a loss before tax of £5 million. Within the 2013 figures, the Formula 1 team’s income increased by 26% from £86.4 million to £108.5 million, which they put down to a “special non-recurring sponsorship payment”.

This relates to Pastor Maldonado and his backer PDVSA’s departure before the end of the team’s sponsorship deal with the Venezuelan oil company. The team’s EBIT was up from £8.3 million in 2012 to £11.5 million.

The figures do not take into account the sale of Williams Hybrid Power and the Williams Technology Centre in Qatar in early 2014.

Founder and team principal Sir Frank Williams said the results were very positive given the Grove-based outfit’s poor on-track performance in 2013. “Although 2013 was a difficult season for the team on the race track, we report these full year results at a time of much optimism for the Williams Group,” he said.

“We have started the 2014 Formula 1 season well and hope we can continue to improve our performance. We made good progress commercially through the winter months and Williams continues to attract an enthusiastic and very loyal group of partners and fans.

“These annual results demonstrate that we continue to manage our business in a fiscally responsible way and provide the foundation from which we can continue to grow.”

Image courtesy of Octane Photographic

Jack Leslie

Jack Leslie

Jack Leslie is a freelance motorsport and Formula 1 journalist. He has been part of the Richland F1 team since the very start and made his F1 paddock debut for the website at the 2014 Austrian Grand Prix. Jack also writes for Car Throttle, RumbleStripNews, Formula1Blog, PureF1 and F1 Plus, as well as running a popular blog.